This chart is based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC for the period March 1, 2008, through March 31, 2008. Clicking on the chart will enlarge the image so that it is readable.
The change in St. Paul real estate figures for the month of March as compared to February are a good demonstration of why real estate needs to be viewed on a local basis. Even within the city of St. Paul, some neighborhoods are still holding strong with sale prices but some MLS areas have shown drastic declines in average list price and average sale price last month over February. Phalen (MLS area 714), Central (MLS 742), and MacGroveland/River Road (MLS 750) all showed substantial declines in prices last month. Balancing the declines were Riverview/Cherokee (MLS 728), Downtown/Capitol Heights (MLS 741) and Town Country/Merriam Park (MLS 750) whose average sale prices increased in March.
Very good point about viewing real estate on a local basis. Agree whole-heartedly. Ken Wade over at housingalerts.com has been preaching that message for a while too. Just goes to show how important it is to do your homework.
Posted by: Scott Roemermann | April 14, 2008 at 04:56 PM
Linda, The worst may be over for home buyers and for sellers who realize they have to decrease prices to sell their houses, but the worst is not over for those individual home sellers who must do a short sale or are in foreclosure. This market probably feels like a real nightmare for them.
Posted by: Bonnie Erickson | April 14, 2008 at 10:35 AM
Glad to hear your market is holding it's own. We are still struggling down here in Florida but I believe the worst is over.
Posted by: Linda Reynolds | April 12, 2008 at 11:54 AM